Dynaplast's dividend set at Rp 50 a share

JAKARTA (JP): The annual shareholders' meeting of the publicly listed Dynaplast yesterday approved a proposal to pay a dividend of Rp 50 (around 2 U.S. cents) per share for 1996.

The shareholders also agreed to cut the share's par value to Rp 500 from Rp 1,000 to double the number of the total shares to Rp 260 million.

"The split is aimed at increasing the stock liquidity on the Jakarta Stock Exchange," the company's president Tony T. Hambali said.

Dynaplast, which produces plastic components, packaging and plastic sheets, recorded a net profit of Rp 13.13 billion in 1996, up 25 percent from Rp 10.44 billion in 1995.

Tony said the company expected this year's growth rate would reach above 42 percent.

He said the company's growth rate was 42 percent over the last three years.

Such a high growth rate was expected to be supported by the operation of the company's three new plants by the end of this year.

"Currently we have six plants and it is expected to increase to nine plants by the end of this year," the company's director Gunawan Tjokro said.

He said the firm reached total sales of Rp 90.27 billion in 1996, up 30 percent from Rp 68.63 billion in 1995.

He said the company's assets also increased 24 percent to Rp 167.73 billion in 1996 from Rp 134.91 billion in 1995.

The company issued rights shares worth Rp 78 billion late last year.

He said 50 percent of the proceeds was used to establish new plants, 19 percent to set up a packaging factory in India and the remaining for improving the company's capital structure. (09)